SINGAPORE- Jervois Gardens, a freehold development in River Valley, has been sold to Brownstone, a unit of SC Global, for S$72 million following a competitive tender that ended on Sept 26.
The development comprises two low-rise blocks of 14 maisonettes and three apartments at 30F and 30G Jervois Road.
Ms Tang Wei Leng, managing director of Colliers International Singapore, which facilitated the sale, said in a statement that this was Jervois Gardens' third attempt at a collective sale. She added there was a total of eight bids for the prime freehold site - "a testament to its strong redevelopment potential".
Ms Tang noted that the winning bid of S$72 million translates to about S$1,373 per plot ratio. Depending on the size of their units, each apartment owner can potentially receive between S$3.3 million and S$4.5 million.
Under the 2014 Master Plan, the site has been zoned for residential use, with a gross plot ratio of 1.4.
Jervois Gardens sits on a freehold land area of about 34,038 sq ft, which could yield a gross floor area of 52,419 sq ft, including an additional 10 per cent gross floor area for balconies.
The site is located between the Redhill MRT station and the future Great World City MRT station. Its proximity to the nearby park connector will provide the 50 to 70 homes that can potentially be built on the site with amenities that promote a healthy lifestyle, said Colliers.
The sale is subject to the approval of the Strata Titles Board.